BG declares options for LNG quartet

UK-based BG Group has exercised its options with Samsung Heavy Industries of Korea for the delivery of four new LNG carriers. The 145,000 cubic-metre ships are scheduled to be delivered in 2007 and 2008 and the total contract value is $620 million.

Martin Houston, Executive VP and Managing Director, North America, Caribbean and Global LNG, said “I am delighted with the deal announced today. These four new ships will be used to meet BG?s fast growing Atlantic Basin LNG business. They will also provide us with a cost effective and flexible solution to our shipping needs.”

Samsung will build, equip, launch and deliver the ships using the GTT membrane cargo containment system. The vessels will use steam turbine propulsion, enabling them to sail at an average speed of 20 knots. BG Group currently owns two LNG ships (Methane Arctic and Methane Polar) which are on long-term charters to third parties in the Atlantic and the Mediterranean. It also charters five ships from Golar LNG (Hill, Gimi, Khannur, Golar Freeze and Methane Princess). In addition, BG will take delivery of a new LNG ship in mid-2004 (Methane Kari Elin) and three new ships in the second half of 2006.